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Ex-CEO's $39.2M Deduction Lacks Substance, 5th Circ. Told

By Joshua Rosenberg · December 5, 2018, 7:27 PM EST

A $39.2 million deduction by a former investment firm CEO was concocted primarily as a tax-avoidance scheme and lacked economic substance, the Internal Revenue Service recently told the Fifth Circuit during oral arguments....

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